A Teignmouth construction firm that went bust owes more than £1million.

Hannon Young Ltd, based at Broadmeadow, ran into financial difficulties in September, and went into administration. It was one of the biggest employers in the town and more than 50 jobs were lost.

Now it has been revealed that the total owed to creditors is £1,131,520.

A creditors' meeting attended by about 20 people, was held at the Gypsy Hill Hotel, Exeter, last week. According to one creditor from a Newton Abbot business, the administrator, Alisdair Findley, of Cheltenham chartered accountants Findley James, 'admitted it was the largest case he had ever handled'.

'This was demonstrated by the estimated costs of the administration.

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